By Rob Chrisman
Posted To: Pipeline Press
Amelia Earhart was quoted as saying, “Never interrupt someone doing something you said couldn’t be done.” Few thought that the refi boom could have lasted this long, yet it is still alive. Sure refis are bound to taper off – that is a safe bet. But mortgage refinance share rose further in February according to Ellie Mae Origination Insight Report, jumping 8 percent to 59 percent of lenders’ loan volume, compared to 41 percent of purchase loans, down from 48 percent a month earlier. Conventional loans dominated the market at 69 percent in February, compared to 19% for FHA loans and 9% for VA loans. The average interest rate for a 30-year fixed rate mortgage fell from 4.154 percent to 4.008 percent, the lowest level in two years and the average interest rate for 30-year fixed FHA loans fell below…(read more)
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